Yukon Explorer Reports High-Grade Lead-Zinc as China's Germanium Export Pause Nears End

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Cantex were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-10 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-10 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• Cantex's October 29 drill results included 4 meters of 29.45% lead-zinc within a 14-meter zone at North Rackla. The results extended the Main Zone's drill-confirmed strike length to 2.67 kilometers, and the zone remains open.
• Assays are in for the first nine of the 15 Main Zone holes drilled this summer. Results remain pending for the remaining Main Zone holes, all 16 regional gold and base metal holes, and germanium analyses of the new intervals.
• China's suspension of its ban on gallium, germanium and antimony exports to the U.S. runs until November 27. Export licenses are still required, and a ban on dual-use exports to U.S. military users remains in place.
• Earlier work found sphalerite averaging 654 g/t germanium in the Main Zone and 521 g/t in the GZ Zone. Preliminary flotation tests produced lead and zinc concentrates assaying 51% each.
• Simply Wall St named Cantex a TSX penny stock to watch in August 2026 and gave it a six-star Financial Health Rating. The research platform noted the company is pre-revenue and debt-free.
• Germanium prices have risen as China tightened controls, and the U.S. uses about 30 tonnes a year and depends heavily on imports.

Cantex Mine Development Corp. (CD:TSXV; CTXDF:OTCQB) has extended the Main Zone at its North Rackla silver-lead-zinc-germanium project in Yukon to 2.67 kilometers, with one hole cutting 4 meters of 29.45% lead-zinc, according to an October 29 release. The results came less than a month before China's suspension of its ban on gallium, germanium and antimony exports to the U.S. is set to expire on November 27.

The hole, YKDD26-356, was drilled from pad MZ62N, where all four completed holes intersected mineralization. It cut 14 meters grading 10.99% lead-zinc and 17 grams per tonne (g/t) silver, from 218 to 232 meters downhole. That interval included a high-grade zone of 4 meters at 29.45% lead-zinc and 44.3 g/t silver, from 218 to 222 meters.

The company said the drill-confirmed strike length of the Main Zone now reaches 2.67 kilometers and remains open. Germanium results for the mineralized intervals are still to come.

Cantex completed 31 holes totaling more than 8,000 meters this summer. Fifteen targeted the Main Zone, mainly to extend known mineralization to the northeast. The other 16 tested three regional anomalies for gold and associated base metals.

Assays are in for only the first nine Main Zone holes. The company is still waiting on results from holes testing further strike-length extensions, as well as from all 16 regional holes.

The timing puts germanium in focus. China's Ministry of Commerce suspended its ban on gallium, germanium and antimony exports to the U.S. on November 9, 2025, and set the suspension to run until November 27, 2026, Reuters reported. The ban had been imposed in December 2024. Even during the suspension, shippers still need export licenses from Beijing, and China's ban on exporting dual-use items to US military users stayed in place. China accounts for 83% of germanium production, and the metal is essential for fiber optics and infrared technology, according to AFP.

North Rackla is a 100%-owned, 14,077-hectare claim block approximately 100 kilometers northeast of Mayo, Yukon. Its Massive Sulfide project hosts the Main Zone and the nearby GZ Zone.

Cantex has reported that sphalerite, the zinc sulfide mineral, from the Main Zone averages 654 g/t germanium, and sphalerite from the GZ Zone averages 521 g/t, according to the company. In a 2023 release, the company noted that the four deposits that make up the Red Dog mine average between 104 and 249 g/t germanium.

Metallurgical work has also been encouraging. In preliminary flotation tests on low-grade sulphide composites, Cantex achieved 91.1% lead recovery at a concentrate grade of 51% lead and 88.4% zinc recovery at a concentrate grade of 51% zinc, according to a June 2 release.

Simply Wall St included Cantex on its list of TSX penny stocks to watch in an August 17, 2026 article. Cantex was one of three companies the research platform highlighted from its screener. The screen looks for smaller companies that pair strong financial health with promising prospects, and Cantex earned the platform's top six-star Financial Health Rating.

Simply Wall St pointed out that Cantex, with a market cap of CA$42.05 million at the time, is pre-revenue and debt-free. It said recent metallurgical testwork at North Rackla "showed promising results, achieving high recovery rates for lead and zinc concentrates with substantial silver content, indicating potential future revenue streams." It also noted that Cantex had cut its losses by 7.2% a year over the past five years, though as an early-stage explorer it still faces the challenges that come with having no significant revenue.

Germanium, a metal recovered primarily as a byproduct of zinc processing, was once an obscure metal. It has turned into one of the most closely watched critical minerals in the West. The metal is essential for fiber optics and infrared technology, and China accounts for 83% of production, according to AFP. Beijing began requiring export licenses for germanium in August 2023. In December 2024, it banned shipments to the United States outright, and that ban is now suspended until November 27.

Prices have climbed with each round of restrictions. The European price for germanium metal rose from US$3,150 per kilogram to US$5,380 per kilogram between January and October 2025, according to the U.S. Geological Survey. In August 2026, China's domestic germanium benchmark stood at about RMB 24,000 per kilogram, "up 65.5% year over year," Rare Earth Exchanges reported. The same report said the United States uses about 30 tonnes of germanium a year and depends heavily on imports. It added that Lockheed Martin Corp. (LMT:NYSE) has reportedly been negotiating with Teck Resources Ltd. (TECK:TSX; TECK:NYSE) and 5N Plus Inc. (VNP:TSX) to secure supply. "Germanium has crossed from obscure minor metal into a strategically rationed market," the publication wrote.

That makes new sources outside China valuable, and germanium shows up in Cantex's North Rackla mineralization alongside silver, lead and zinc.

The rest of North Rackla's metals are also in a mixed-to-strong market. Silver closed at US$51.82 per ounce on November 6, according to Kitco. That's well below its record of US$121.67 from January 29 but still historically high.

The LME official cash price for zinc was US$3,759 per tonne on November 6, according to Westmetall. Lead was at US$1,857 per tonne, according to Westmetall. 

What did Cantex announce on October 29?

Cantex reported initial results from its 2026 drilling at North Rackla in Yukon. Hole YKDD26-356 cut 14 meters of 10.99% lead-zinc and 17 grams per tonne silver, including 4 meters of 29.45% lead-zinc and 44.3 g/t silver. The results extended the Main Zone's drill-confirmed strike length to 2.67 kilometers.

What results are still to come?

Assays are in for only the first nine Main Zone holes. The company is waiting on holes that tested further strike extensions and on all 16 holes that tested three regional anomalies for gold and associated base metals. Germanium results for the new mineralized intervals are also pending.

Why does the November 27 date matter?

That's when China's suspension of its ban on gallium, germanium, and antimony exports to the U.S. is set to expire. China accounts for 83% of germanium production, so the date matters for Western buyers looking for supply outside China.

How much germanium does North Rackla contain?

Cantex has reported that sphalerite, the zinc sulfide mineral, averages 654 g/t germanium in the Main Zone and 521 g/t in the GZ Zone. The company has noted that the four deposits making up the Red Dog mine average between 104 and 249 g/t germanium.

What is germanium used for?

Germanium is essential for fiber optics and infrared technology. The United States uses about 30 tonnes a year and depends heavily on imports, and Lockheed Martin has reportedly been negotiating with Teck Resources and 5N Plus to secure supply.

Has Cantex done any metallurgical work?

Yes. In preliminary flotation tests, the lead concentrate recovered 91.1% of the lead and assayed 51% lead. The zinc concentrate recovered 88.4% of the zinc and assayed 51% zinc.

Where is North Rackla?

North Rackla is a 100%-owned, 14,077-hectare claim block approximately 100 kilometers northeast of Mayo, Yukon. Its Massive Sulfide project hosts the Main Zone and the nearby GZ Zone.

Who are Cantex's largest shareholders?

Charles Fipke holds about 25.00%, and Crescat Portfolio Management LLC holds about 6.78%. Cantex has about 171.32 million shares outstanding.